Authorities in Taipei intercepted a woman attempting to transfer NT$3 million after allegations of a fake investment scheme exploiting social media and cryptocurrencies, highlighting rising fraud risks in Taiwan.
Police in Taipei stopped a woman from transferring NT$3 million after staff at a bank raised the alarm over what officers later identified as a likely fake investment scam. According to the Beitou precinct, the woman had been drawn into a LINE group after browsing investment posts on social media and was told by a self-styled money expert that she could make guaranteed profits from cryptocurrency trading through a special channel.
Officers from Chang’an police station went to the Chang Hwa Bank branch in Beitou after being notified on August 3. When they questioned the woman, police said she could not clearly explain which company was handling the investment, how the money would be managed or which cryptocurrency she was supposedly buying. After officers reviewed messages on her phone, they concluded she had been targeted by a fraud ring posing as investment advisers.
The woman had reportedly been told to wire the money to an account so the group could carry out the investment on her behalf. Police and bank staff persuaded her to stop before any funds were sent. The Beitou precinct urged the public to use only legitimate investment channels and to be wary of online claims that promise certain returns, especially when they involve urgent transfers or requests to move money away from regulated institutions.
The warning comes as Taiwan authorities continue to confront increasingly sophisticated fraud networks. In April, the Taipei District Prosecutors Office investigated the “Meile Company” case, a massive fake withdrawal scheme that prosecutors said affected 5,080 victims and caused losses of more than NT$15.7 billion. The National Police Agency has also cautioned that scammers are increasingly using online groups, fake success stories and celebrity impersonation to create a false sense of trust, while recent cases in Taiwan and Hong Kong show how fraudsters are now pushing victims towards cryptocurrency wallets, sham apps and in-person cash handovers.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
